Silver was 'manipulated' down, Sprott says

AlistairBarr

LAS VEGAS (MarketWatch) -- Silver has been manipulated down in recent weeks, Eric Sprott, head of Sprott Asset Management, said Thursday. Silver slumped by $6 in 13 minutes late on a recent Sunday, when the market was thinnest, Sprott noted during the SkyBridge Alternatives Conference in Las Vegas. That was followed by four margin increases, Sprott added. Sprott recently launched a silver fund and has been a gold bull for at least a decade. Despite the recent drop in precious metals, Sprott reckons they are a good way to protect against trouble in the banking system and a potential devaluation of the U.S. dollar and other paper currencies. "The market has judged the world's reserve currency as gold," he said on Thursday.

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